How to Land A Bargain At An Auction

There are only a couple of things that can happen to you when you buy something at an auction. Either you can find that one-of-a-kind item at a great price, or you can pay way more than the piece of junk is worth. One thing's for sure, though, most auctions are exciting, if for no other reason than the learned patter of the auctioneer, himself. Auctions provide the astute buyer a unique opportunity, so long as he follows certain procedures. Here are things to know so you'll land a bargain the next time you go to an auction.

Instructions

1. Know why you're going. It may be that you are interested in buying special items for your own personal use, or you'd like to buy items cheaply so you can resell them on an auction site like ebay.com. In either case, your reason for being there will influence your decision when the bidding begins.

2. Preview the items that interest you. Check to see if the auction house has a website and if photos of the auction items have been posted. This will give you a feeling for what is to be auctioned, though these pictures rarely show defects. You'll have to go to the auction's preview to place a value on the item.

3. Determine the items on which you would like to place bids. Don't overlook applicable sales tax and do not forget the buyer's premium that will add to the cost of the item.

4. If you have questions about the item, or the bidding in general, don't hesitate asking. That also goes for what will comprise the next auction, because you might be smart to wait until then if more items that interest you will be auctioned.

5. Set a budget for the items and do not exceed it. The most costly mistake people make is to let their emotions take over at bidding time. Do your research before you arrive at the auction and bid no more than you have planned. If you fail to get the item, it was either meant to be, or you need to do more research into the item's value.

6. Learn the etiquette of bidding. If you were prequalified and received a number, hold it so the auctioneer can see it when you bid. Only bid in the dollar increments the auctioneer set for the item. Under no circumstances nod at the auctioneer because that may constitute a bid. And when you've decided to stop bidding on the item, indicate so with the auctioneer.

7. Don't let items you have purchased at auction leave your sight. Unfortunately, you are responsible for the purchase of the item, even if it is stolen after you pay for it.